If you would like to know what a second mortgage entails or would like to secure one, then an easy tool, that won’t cost anything to use is a second mortgage payment calculator. A second mortgage calculator is a handy tool that will allow you to calculate the amount that you can theoretically qualify for, as well as the amount of equity that you can extract from your property as well. Here, we will provide a guide to using a second mortgage payment calculator. Basic Second Mortgage Payment Calculator There are some rudimentary second mortgage calculators that you can use online. Essentially, the only figures you will need to input are the numerical value of the home, the balance on your 1st mortgage, and the amount of the 2nd mortgage, if applicable. Then hit send, and you will get a figure that indicates the amount that you can borrow. The…

When looking for mortgage solutions, the number of options at your disposal can be daunting. For instance, some people may opt for a second mortgage, while others may opt for a 30-year fixed-rate mortgage instead. In Canada, the 30-year fixed-rate mortgage is more popular than the second mortgage option, and accounts for roughly 80% of all home purchases; its popularity has not waned since its inception. Here, we will focus on how monthly payments work for a 30-year fixed-rate mortgage. What is a fixed-rate mortgage? A 30-year fixed-rate mortgage is a loan issued by a financial institution that has an interest rate that is fixed for the duration of the loan. It usually has a repayment term of three decades, although the homeowner can refinance or sell their home before the 30-year term ends if they wish. The interest rate is determined when the loan is first issued to the…

While retiring is something that many Canadians look forward to, the celebrations can be cut short if they have a substantial amount of debt to deal with in their twilight years. For instance, many Canadians may worry about retiring with a mortgage. In fact, a recent Equifax study found that Canadians over the age of 65 have accrued debt at a much faster rate when compared to other Canadian demographics. As such, many Canadians may need to turn to innovative commercial and residential mortgage solutions in order to deal with their rising debts. Here, we will focus primarily on the things you will need to consider when retiring with a mortgage in Ontario. Focus on Paying Off Your Debts Many middle-aged people will focus on helping their children pay off their student loans or car payments, or will prioritize the growth of their investment portfolios, while they slowly but surely…

More often than not, you will need to take out a mortgage in order to purchase a home, as a home is a serious investment that should not be taken lightly. However, while taking out a mortgage is a significant investment, there are other costs that you will incur when you purchase a home. For instance, you will also be required to pay mortgage closing costs in order to get the keys to your new home. Here, we will discuss some of the mortgage closing costs that you will be expected to pay in Ontario. Appraisal In Ontario, the normal range for mortgage closing costs will be between 2% and 5%. Moreover, before a lender decides to extend a loan for a client, they will need to appraise the value of the home that is being bought. The quintessential scenario is that the purchase price and the verified value will…

If you are a self-employed worker, and would like to purchase a new property or remortgage, then you may have to deal with certain challenges that conventional “9-to-5” workers aren’t privy to. A quick way to help you get started is to use a mortgage qualifier calculator. It should also be noted that it has been more difficult, since the post-credit crunch, for freelancers, contractors, and self-employed workers to obtain a mortgage, but, as we shall see in this article, it is not impossible. What You Will Need to Qualify In order to qualify, you will need to basically prove your income to the mortgage lender that you want to apply to. In most cases, each prospective lender will ask that you provide a minimum of two years’ worth of tax returns or accounts. However, providing more than two years of accounts may actually help your case. In any event,…

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